White horse stocks worth hundreds of billions continue to increase their exposure to lithium batteries. On the evening of July 27, Putilai (603659.SH) disclosed its semi-annual report. The company's operating income in the first half of 2022 was 6.895 billion yuan, a year-on-year increase of 75.76%; the net profit attributable to the parent company was 1.396 billion yuan, a year-on-year increase of 80.13%< /p>
As for the reasons for the change in performance, Putilai said that the global new energy vehicle market demand has driven the rapid development of the lithium-ion battery industry, and the company's product sales in each business segment have achieved rapid growth.
In terms of business, in the first half of the year, Putilai's anode material business achieved shipments of 55,003 tons, a year-on-year increase of 21.56%; its main business income was 3.204 billion yuan, a year-on-year increase of 30.59%; the company's graphitization Processing achieved operating income of 651 million yuan (including internal sales), a year-on-year increase of 35.48%. The lithium battery automation equipment business achieved main business income (including internal sales) of 1.046 billion yuan, a year-on-year increase of 93.11%.
The company's separator and coating processing business achieved main business income of 1.579 billion yuan, a year-on-year increase of 76.47%; the aluminum-plastic packaging film business achieved revenue of 91.3963 million yuan, a year-on-year increase of 50.75%; PVDF products achieved revenue 1.104 billion yuan (including internal sales).
Guohai Securities believes that benefiting from the company’s increased anode integration and the rapid growth of multi-business line production capacity, Putilai’s operating income is expected to be 14.94 billion yuan, 22.71 billion yuan, and 29.19 billion yuan from 2022 to 2024. Yuan, net profit attributable to parent company is 2.89 billion Yuan, 4.39 billion Yuan, 5.56 billion Yuan, corresponding PE is 39x, 25x, 20x.
Interim results have increased significantly, and Putilai plans to continue to increase its investment in lithium batteries.
On the one hand, the company also announced on the 27th that it plans to raise no more than 8.5 billion yuan in additional capital, of which 3.89 billion yuan will be used for the integrated construction project of high-performance lithium-ion battery anode materials with an annual output of 100,000 tons. , 2.374 billion yuan will be used for the base film coating integrated construction project with an annual output of 960 million square meters, and the remaining 2.236 billion yuan will be used to supplement working capital.
On the other hand, Putilai is planning to spin off and list its holding subsidiaries.
According to the announcement, Putilai said that in order to better integrate resources and expand and strengthen the new energy lithium-ion battery automation equipment business, it plans to plan to hold a controlling subsidiary, Jiangsu Zhongguancun Jiatuo New Energy Equipment Co., Ltd. ( (hereinafter referred to as Jiangsu Jiatuo) was split and listed, and this matter has been approved by the board of directors.
Jiangsu Jiatuo is a new energy equipment manufacturer and solution provider integrating technology research, development, production and sales, with a registered capital of 305 million yuan. Putilai's lithium battery automation equipment business is carried out on Jiangsu Jiatuo as a platform, and the company holds 82.92% of the shares. In the first half of 2022, Jiangsu Jiatuo achieved operating income of 703 million yuan and net profit of 42.4786 million yuan. As of the end of June 2022, Jiangsu Jiatuo's total assets were 3.627 billion yuan and net assets were 853 million yuan.
Putilai said that the spin-off of Jiangsu Jiatuo and its independent listing will broaden Jiangsu Jiatuo’s financing channels and enhance the company’s sustainable profitability and core competitiveness. At the same time, it will help the company further deepen its layout in the new energy lithium-ion battery automation equipment industry and strengthen the company's market and technical advantages.
However, Putilai said in the announcement that this spin-off and listing is still in the early planning stage, and there are still uncertainties. It still needs to obtain approval from the China Securities Regulatory Commission, the exchange where Jiangsu Jiatuo plans to list, etc. Approval, approval or registration by regulatory authorities.
It is understood that Putilai has been trying to extend the industrial chain in recent years. In 2014, Putilai expanded its coated separator business by increasing capital and gaining control of Dongguan Zhuogao. In 2015, Putilai began to cooperate with CATL in the coating separator business, and its customers for the coated separator business have gradually expanded to include power battery companies.
Putilai stated in its 2020 annual report that the company will carry out a vertically integrated industrial chain layout in the fields of anode materials, coated separators, aluminum-plastic packaging films and automated process equipment, hoping to become a lithium A world-class comprehensive service provider of key materials and process equipment for ion batteries.
In the secondary market, judging from the post-resumption price, the lowest stock price of Putilai was 47.06 yuan/share on October 21, 2019, and the highest was 282.11 yuan/share on November 25, 2021. The cumulative The increase exceeded 4 times. As of the close of trading on July 27, Putilai's stock price was 221.48 yuan per share, with a market value of 107.1 billion yuan.
If you want to know more real-time financial news, please follow us.